LOS ANGELES-Real estate investment manager RREEF has purchased two institutional-grade retail properties in Beverly Hills for $35 million. RREEF purchased the two properties from Chicago-based real estate firm L3 Capital, which purchased the properties for $19 million in 2011 as two separate transactions.

“Quality tenants continue to flock to this location and demand has not shown any signs of slowing down,” says Greg Schott, co-founder and managing principal of L3 Capital. “Both domestic and international retailers have shown strong interest in this stretch of Beverly Hills as it has transformed into one of the premier shopping areas of Los Angeles.”

Located at 408-410 N. Beverly Dr. and 350-354 N. Beverly Dr., the properties have a total of 11,200 square feet and are currently leased to fashion boutiques Theory, Alice + Olivia and Maje. According to L3 Capital, the area has experienced a recent revitalization with high-end retailers, like AllSaints and Intermix, and restaurants signing leases nearby.

“After realizing solid rent growth and finding top-class tenants to occupy the properties, we felt it was the right time to capitalize on market activity,” Schott says. “We predict the environment will remain very strong on North Beverly Drive and that there is plenty of upside with this purchase.”

Additionally, GlobeSt.com recently reported construction commencing on the Juanita Tate Marketplace, a 77,096-square-foot retail shopping center in South Los Angeles valued at $21 million.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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